HR Block 2012 Annual Report Download - page 54

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CONSOLIDATED STATEMENTS OF CASH FLOWS (in 000s)
Year ended April 30, 2012 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 265,932 $ 406,110 $ 479,242
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 103,576 121,633 126,901
Provision for bad debts and loan losses 97,365 180,951 161,296
Provision for deferred taxes 13,227 9,432 170,566
Stock-based compensation 14,968 14,500 29,369
Impairment of goodwill 113,951 22,700 15,000
Changes in assets and liabilities, net of acquisitions:
Cash and cash equivalents — restricted (2,917) (14,033) 2,497
Receivables 49,755 (105,708) (87,889)
Prepaid expenses and other current assets 538 (37,892) (2,320)
Other noncurrent assets 25,552 (98,818) (59,429)
Accounts payable, accrued expenses and other current liabilities (45,114) (111,727) (305)
Accrued salaries, wages and payroll taxes (58,210) 56,009 (59,617)
Accrued income taxes (92,843) 5,962 (77,254)
Other noncurrent liabilities (88,870) 119,428 (65,261)
Other, net (34,861) (56,044) (45,327)
Net cash provided by operating activities 362,049 512,503 587,469
CASH FLOWS FROM INVESTING ACTIVITIES:
Available-for-sale securities:
Purchases of available-for-sale securities (256,173) (138,824) (5,365)
Maturities of and payments received on available-for-sale securities 66,382 16,797 15,758
Principal payments on mortgage loans held for investment, net 49,142 58,471 72,832
Purchases of property and equipment (82,457) (62,959) (90,515)
Payments made for business acquisitions, net of cash acquired (15,258) (54,171) (10,539)
Proceeds from sale of businesses, net 560,499 71,083 66,623
Franchise loans:
Loans funded (46,246) (92,455) (89,664)
Payments received 56,591 57,552 40,710
Other, net 19,387 34,349 31,513
Net cash provided by (used in) investing activities 351,867 (110,157) 31,353
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of commercial paper (664,167) (4,818,766) (1,406,013)
Proceeds from issuance of commercial paper 664,167 4,818,766 1,406,013
Repayments of other borrowings (25,000) (50,000) (4,267,773)
Proceeds from other borrowings –– 4,242,727
Customer banking deposits, net (26,091) (11,440) 17,539
Dividends paid (208,801) (186,802) (200,899)
Repurchase of common stock, including shares surrendered (180,592) (283,534) (254,250)
Proceeds from exercise of stock options 12,275 424 16,682
Other, net (16,853) (3,039) (35,144)
Net cash used in financing activities (445,062) (534,391) (481,118)
Effects of exchange rates on cash (2,364) 5,844 11,678
Net increase (decrease) in cash and cash equivalents 266,490 (126,201) 149,382
Cash and cash equivalents at beginning of the year 1,677,844 1,804,045 1,654,663
Cash and cash equivalents at end of the year $1,944,334 $ 1,677,844 $ 1,804,045
SUPPLEMENTARY CASH FLOW DATA:
Income taxes paid, net of refunds received $ 218,444 $ 244,917 $ 359,559
Interest paid on borrowings 69,681 73,791 78,305
Interest paid on deposits 6,843 8,541 10,156
Transfers of foreclosed loans to other assets 10,308 16,463 19,341
Accrued purchase of common stock 22,484 ––
See accompanying notes to consolidated financial statements.
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H&R BLOCK 2012 Form 10K